Join Our Telegram channel to stay up to date on breaking news coverage
The Official Trump price plummeted 9% in the last 24 hours to trade at $9.87 as of 10:20 p.m. EST as investors rapidly decrease their exposure to the meme coin.
The drop in the TRUMP price comes as the feud between billionaire Elon Musk and US President Donald Trump escalates. The trouble between the two began when Musk denounced Trump’s sweeping tax-cut and spending bill.
Trump initially stayed silent while Musk campaigned to destroy the bill. The President broke his silence yesterday, and threatened to cancel the US government’s contracts with Musk’s companies.
In light of the President’s statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately pic.twitter.com/NG9sijjkgW
— Elon Musk (@elonmusk) June 5, 2025
Official Trump Price Clinging Onto A Key Support Level
Daily chart for TRUMP/USD (Source: GeckoTerminal)
The Official Trump price plunged below the support level at $11.1490 and is now resting on the technical safety net at $9.3995, according to data from GeckoTerminal. Should it drop below this second support, TRUMP could end up falling to as low as $7.3260 in the short term.
Conversely, TRUMP rebounding from the $9.3995 support level in the next 24 hours could lead to a more bullish scenario playing out heading into the weekend. Traders might start to enter into long positions for the Official Trump price, which could push it back above the aforementioned $11.1490 mark.
Thereafter, continued pressure from buyers might boost TRUMP to as high as $13.3520.
Technicals Warn The Official Trump Price Could Drop Even More
However, bulls have a tough challenge ahead of them if they want to break TRUMP’s bearish cycle. Technical indicators on the daily chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest sellers still have a tight grip on the meme coin’s price.
The MACD is currently positioned below the MACD Signal line, which warns the Official Trump price is in a bearish trend. With the gap between the two lines growing, it seems the meme coin’s negative momentum is strengthening as well.
RSI readings have also plummeted over the past few days, with the indicator now standing in the low 30s. This places the meme coin close to oversold territory, which could be seen as a buy opportunity. However, there have been instances where the RSI remains low for sustained periods of time. This is usually when a crypto is being dumped.
As the feud between Trump and Musk rages on, the Official Trump price could continue to drop and trade in oversold conditions.
As the Official Trump price tries to hold onto support, investors are piling into the blockbuster presale for Solaxy (SOLX) before the project’s launch in around 10 days. According to influential YouTube channel 99Bitcoins, which has over 723K subscribers, SOLX has the potential to surge 100X after its launch.
Solaxy To Address Solana’s High Levels Of Congestion
Solaxy is the first layer-2 scaling solution for the SOL ecosystem, and aims to reduce the concerningly high levels of congestion on the Solana network. The project’s timing could not be more ideal, as the Solana network is just one meme coin frenzy away from another outage.
To prevent more downtime for the Solana network, Solaxy will process and bundle transactions off of the mainnet, before submitting them to the layer-1 for final validation. This approach to transaction processing has been proven as a successful way to scale a blockchain by Ethereum-based solutions such as Arbitrum and Optimism.
Not only will Solaxy scale Solana, it will also bridge the network with the Ethereum blockchain. This will create a connection between two of the most prominent distributed ledgers in the Web3 space, enabling developers to simultaneously tap into both blockchains’ strengths and build the next big innovation.
Solaxy’s team has already laid the groundwork for their solution, having launched their testnet, the testnet’s block explorer, the Solaxy bridge, and their own token launchpad.
Investors Rush To Buy SOLX In Presale While They Still Can
Solaxy’s presale has been one of the best-performing ICO’s of the year so far, and has raised more than $44.5 million so far. With just over a week left until the presale ends, this total raise could soon reach $50 million, especially as whales start to buy in.
Interested investors have just 10 days left to buy SOLX for $0.001746 apiece via the widget on the project’s website using either crypto or bank card.
Once bought, the tokens can also be staked for an attractive 91% APY.
Check out SOLX on its official website.
Related Articles:
- USDC Issuer Circle Boosts IPO To $1.05 Billion Ahead Of NYSE Debut Today
- Trump’s Truth Social Eyes Bitcoin ETF In Latest Crypto Expansion
- FBI Cautions Hadera Hashgraph Users Against NFT Airdrop Scams
Best Wallet - Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
